February 6, 2008 - Fogelson Properties and Forest City Enterprises are proposing a mega development that would span over 23 acres and unfold over a decade of construction time. The ambitious project has been christened Gateway, and according to a Tribune article, could run upwards of $4 billion to build.

Fogelson is the developer behind Central Station, so a project of this size isn’t something new for them. Gateway would be hemmed in by 14th Street, McCormick Place, Lake Shore Drive and Indiana Avenue. The sprawling complex would also be near Soldier Field. Jerry Fogelson was quoted in the Tribune as saying the development would include a pedway for Lake Shore Drive, a monorail and an 18th Street ramp that would connect LSD with Michigan Avenue. He confirmed that they already own the air rights over the Metra tracks.

The sprawling complex would contain 4,000 residential units, 3,000 hotel units, 300,000 square feet of retail space and a 70 story office tower that would have 1.5 million square feet of space. The close proximity of the development to McCormick Place would no doubt provide a flow of convention attendees to fill the hotel rooms. And if Chicago manages to land the 2016 Summer Olympics, the Olympic Village will be built just to the south.

Fogelson, who is one of the more experienced Condo Builders in Chicago, would like to begin the Gateway project in 2009.

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This entry was posted on Thursday, February 7th, 2008 at 4:11 pm and is filed under Luxury Condos(t) , News(t) . You can leave a response.